Sanchez left the Emirates to join Manchester United in the winter of 2018 after rejecting Arsenal’s contract offers.
The Gunners were forced to swap him for Henrikh Mkhitaryan, who was a target of Arsene Wenger at the time.
Since he left Arsenal, he has struggled to recapture the form he showed in north London.
He is currently on the books of Inter Milan who he helped to win the Italian league title last season.
However, he has fallen down the pecking order this season and The Mirror reported earlier in the month that he has been told he can leave for free by the Italians.
This has opened the door for him to be reunited with Arsenal and the question is whether he would be useful to the Gunners now or not.
Former Arsenal man, Campbell believes the club can give him another chance if he is available for free and will work hard, but concedes it might not happen.
He told Football Insider: “Alexis Sanchez was incredible when he came to Arsenal but personally, I cannot see him coming back.
“The Manchester United move was a disaster for him. He has gone to Inter Milan and it has not quite worked out there either, even though they won the title.
“I don’t think we’ll take him back but if you could get him for nothing and he is willing to graft… Who knows what Mikel Arteta will do.
“It is a fantasy and a nice thought but I think the club have moved on. I doubt we will see that happening.”